BARU GOLD Retains Merchant Bank to Secure Funding FOR Production Operations
News Release
November 21, 2024 Trading Symbol: “BARU: TSX.V | BARUF: OTCQB”
BARU GOLD RETAINS MERCHANT BANK TO SECURE FUNDING FOR PRODUCTION OPERATIONS
Vancouver, BC - Baru Gold Corp (the “Company” or “Baru”) and its subsidiary PT. Tambang Mas
Sangihe (the “Company” or “PT TMS”) wish to inform shareholders of noteworthy progress in
obtaining funding for production operations. Institutional and corporate investment interest has
increased following the rising and sustained high price of gold.
The Company has recently received several unsolicited inquires from investors seeking to invest in
the gold sector in Indonesia, in cluding from coal companies see king to diversify after a period of
record profits. The increased pace of inbound interest from pot ential investors convinced the
Company to seek external expertise to identify the best opportu nity, and to negotiate a successful
outcome.
On the recommendation of an individual connected to one of the recently announced Letters of Intent
for Investment, the Company has retained a specialist advisory firm (“Merchant Bank”) to lead the
effort to raise the funds for production operations. With professionals located in Hong Kong, Jakarta,
Perth and Singapore, the Merchant Bank specializes in strategic advice and fundraising services for
clients in the metals and mining sector in Asia and Australia. The Merchant Bank’s leadership team
has collectively closed mining & metals financing and M&A transactions with a value of over US$ 8
billion, including some of the la rgest deals ever completed in Indonesia’s gold and coal mining
sectors.
The Merchant Bank will introduc e the opportunity to their inves tor contacts, coordinate inbound
interest, lead negotiations, support due diligence, and help structure any final deal.
The Merchant Bank’s Founder & CEO will be responsible for this transaction on a day-to-day basis.
He started his career in Morgan Stanley’s Mergers & Acquisition s division. Immediately prior to
establishing the Merchant Bank, he was, for many years, Managin g Director and Head of Asian
Natural Resources for one of the world’s largest money center c ommercial and investment banks.
His firm is staffed with similarly accomplished professionals.
The terms of the engagement of the Investment Firm are typical for assignments of this nature
prevailing internationally and include a success fee that provides a strong incentive for the Merchant
Bank to achieve the highest value for the Company.
Baru Gold Corp
Baru Gold Corporation
9th Floor 1021 West Hastings St
Vancouver, BC V6C 1L6
www.barugold.com
Given the advanced state of negotiations with PT Arsari Tambang, the terms in their Letter of Intent
announced on November 18th, 2024 will continue to their conclusion as planned and are outside the
Merchant Bank’s scope of work.
Mr. Terry Filbert, President Director of PT TMS, commented, " I feel that Sangihe is one of the best
undeveloped gold assets in Indonesi a, and it is secured by a Cont ract of Works – the “Gold
Standard” of mining licenses! We are open to a ll competitive funding offers but would prefer
financing that is non-dilutive to shareholders. Once in production, our cash flow will very quickly
rise and exceed costs. It should not take long to pay off any outstandi ng liabilities. Projected
production costs are low and rising gold prices will only improve profit margins.”
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesi an island of Sangihe, off the
northern coast of Sulawesi. Sangihe has two existing National I nstrument 43-101 reports with over
1 million oz of gold resource identified (inferred mineral reso urce of 1,022,987 and 114,700
indicated ounces of gold), as re ported in the Company's “Indepe ndent Technical Report: Sangihe
Property” (Caracle Creek International Consulting Inc, Septembe r 22nd, 2010) and “Independent
Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe
Project, North Sulawesi, Indonesia” (Mining Associates Pty Ltd, May 30, 2017).
Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated
economic viability. The Company intends to proceed to productio n without the benefit of first
establishing mineral reserves supported by a feasibility study. The Company cautions readers that
the any production decision made by the Company will not be based on a NI 43-101 feasibility study
of mineral reserves that demonstrates economic and technical vi ability and as such, there may be
involved increased uncertainty and various technological and economic risks
The Company's 70-percent interest in the Sangihe-mineral-teneme nt Contract of Work (“CoW”) is
held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held
by other Indonesian corporations. The term of the Sangihe CoW a greement is 30 years upon
commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its
environmental permit.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dyna mic junior gold developer with N I 43-101 gold resources in
Indonesia, one of the top ten gol d producing countries in the w orld. Based in Indonesia and North
America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.
Frank Rocca, BAppSc.(Geology), MA usIMM, MAIG, CPI-KCMI, Chief G eologist of Baru Gold
Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content
of this release.
BARU GOLD CORP
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
647-725-3888 ext 702
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not hi storical in nature, constitute “forward looking statements”
within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not
limited to, statements or information concerning future work programs, results and timing of any work programs, the
Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions
and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and
uncertainties and other factors which may cause actual results , performance or events to be materially different from
those expressed or implied by such forward looking statemen ts. Those risks include the interpretation of drill results;
the geology, grade and continuity of mineral deposits; the possibility that future explor ation, development or mining
results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate
financing; regulatory, recovery rates, refinery costs, and other relevant conversion fa ctors, permitting and licensing
risks; general market and mining exploration risks and production and economic risks related to design and engineering,
manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at
a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be
construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the
Company and are encouraged to seek independent professional advice before making any investment decision.
Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by
applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to
reflect events or changes in circumstances that occur after the date hereof.